Key Capitol Hill Hearings CSPAN September 29, 2015 6:31am-6:58am EDT
twitter and facebook. every campaign event we cover is available on our website at www.c-span.org. >> donald trump unveiled his tax plan yesterday. highest individual and tax rate would be a 5%. here is his press conference. to be discussing something so important for our country and economy and to get us working well again. it is a tax reform i think that will break america great and strong again. americans are working and too many jobs are being shifted overseas and too many middle
income families cannot make income meet. this plan directly meets this challenges and the challenges also of business. it will provide major tax relief for middle income and for most other americans. there will be a major tax reduction. it will simplify the tax code. it will grow the american economy at a level it hasn't seen for decades. and all of this does not add to our debt or our deficit. but i will also be discussing some of that at the end because we have to make much better deals, we have to negotiate much harder and we have got to make our economy strong. changes for individual will be at levels that you haven't seen in a long time.
we are going to cut the individual rates from 7 brackets to 4. simple. 25%, 20%, 10%, and 0%. if you are single and earned less than $25,000 per year or married and jointly earning less than $50,000 -- so, very important, if you are single and earn less than $25,000 or married and jointly earn less than $50,000 san diegos you will not pay any income tax. nothing. this eliminates very strongly and quickly the marriage penalty. very unfair penalty. it eliminates the amt which is the alternative minimum tax. it ends the death tax. it is a double taxation.
a lot of families go through hell over the death tax. it reduces or eliminated most of the deductions and loopholes available to special interest and to the very rich. in other words it is going to cost me a fortune, which is actually true, while preserving charitable giving and mortgage interest deductions. very importantly. it ends the current tax treatment of carried interest. those are the hedge fund folks that i have been talking about for quite a while. make a lot of money. carried interest. so it ends the current tax treatment of carried interest through partnerships that do not grow businesses or create jobs and are not risking their own capital.
changes are business: so burped because it is all about business. it is all about jobs. we have 93 million people in this country that are in serious trouble. that want to work but want characteristic. so for business, no business of any size from a fortune 500 company to a mom and pop shop to a freelancer living from gig to gig will pay more than 15% of their business income in taxes. big reduction. a one-time deemed repatriation of corporate cash held overseas at significantly discount which coming back at a significantly discount of 10% tax rate so it comes back discounted at a 10% tax rate and ends the deferl of
taxes on corporate income earned abroad. it is called corporate inversion. it is a huge subject. i have been watching politicians for years. all talk no action. i have been watching them talk about bringing the money back. the number is probably $2.5 trilli trillion. everybody agrees it should come back. they can't make a deal. the reason companies aren't bringing it back is because the tax is onerous. many companies are leaving the united states. they are leaving our shores to go and collect their money. they are going and moving out of the united states for two reasons: the taxes are too high and because they have tremendous amount of money they cannot
bring back into the country. as an example, i have millions of dollar overseas. i cannot brick bring it back in. so the money stays in other coaptries and that is what happens. not good for us. the level of leadership that we need to get things like this done is so important. but this is something -- and i've been watching it for a long time -- everybody agrees to. we also reduce or eliminate some business loopholes -- many of them actually -- and deductions made unnecessary redundant by the new lower tax rate on business income. the tax rate is so low that a lot of these deductions which are complicated and don't make sense and are unfair are gone. and we phase in a reasonable cap on the deductibility of the
business interest expense. so we are going to give you -- we have a very complex set of papers that actually if you know business is not so complex. and we have going to hand them out now to the press. and i think you will see we have an amazing code. it will be simple. it will be easy. it will be fair. its graduated. as you get up in income, you pay a little more. some of the very unfair deductions that certain people who have been given who make a a lot of money will not be available any longer. but i believe they will do better because i believe the economy will grow and have something special. with all of that being said, and before we take questions, we have to cut the cost of what is going on in this country. if you look at what we have
doing and the money we are spending. i read where a washer, you know what a washer is? nuts, bolt and washer. to send from one state to another. it was a 19 cent washer and cost $900 some odd dollars to get there. and there are many examples. hammers that cost $800 that you can buy in a store for a tiny amount. there is so much money to be saved. we are reducing president but at the same time if i win, we will be able to cut so much money. we won't be loosing anything other than balancing budgets and getting them where they should be. so this is plan that is simple, that is a maimer reduction.
i think people are going to be very happy. we have already have some very good reviews. i did the plan with some of the leading scholars and economist and tax experts that there are in this country. they love it. they say why hasn't this been done before. this is why wheelhouse. this is what i do well. the economy is what i do well. whenever they do polls i always come out way above everybody else on the economy and on leadership, by the way, but i won't say that. so if anybody has -- [applause] >> thank you. that is amazing. that is some of the press that was clapping. i don't think i have seen that before. why don't we take questions from the press? go ahead.
>> [inaudible conversation]. >> no i am not going to do that yet. we are looking at 3% but we think it be be 5% or 6%. we are going to have growth and that would be tremendous. we have more than 3% these numbers are amazing. one thing they don't take into account is the cutting. there is no much waste in government that i believe when i get in there i will be able to cut without loosing anything to cut tremendous amounts off the budget and we are not showing things for that. so they are conservative numbers. >> [inaudible question] >> my taxes will -- first of all, i will have a much simpler tax statement. it will bemuch simplelar. when i do my return, it will be
much -- we want to simplify them through a tremendous level. the bracket of 25%, the big difference is many of the loopholes and many of the deductions which are old and they have been there for years. they were put there because a lot of the people that get the deductions are contributing to hillary, to bush, they are contributing to other candidate but trump because i am not taking any money. these people want the reductions. there are people we are reducing taxes. but there are people in the upper echelons that will not be thrilled. we are taking away deductions and that is why we are able to lower it. [inaudible. >> this is actually a tax reduction. a big tax reduction including for the upper income. i believe the economy will do so well that even though they will
not be getting certain deductions which are not fair for them to be doing that they will end up doing better. [inaudible question] >> i think this is a call in sense approach. you know you could say supply side. you could say there is 15 different names given out for different kinds of deductions or increases. i don't think this is supply side or anything else. i think nis is a common sense, well not out tax were posal that's going to trigger the economy, and going to make everybody go back and really want to work. it is going to create tremendous numbers of jobs. one other thing i am coupling this with is if i am president i will renegotiate the trade deals because they are not
sustainable. we cannot continue to let our jobs go to other countries. there is not a country we don't negotiate with that doesn't get a better deal. i am going to renegotiate some of our military cost. we protect south korea, we protect germany, we protect some of the wealthiest countries in the world. saudi arabia. we protect everybody. and we don't get reimbursement. we lose on everything. we lose on everything. so we are going to negotiate and renegotiate trade deals, military deals, and many other deals that is going to get the cost down for running our country very significantly. i am not showing a big number in that. but i believe that if i become president those numbererize going to be massive. as an example: saudi arabia. they make $1 billion a day. we protect them. so we help. we are loosing a trumend hazardous amount of money on a yearly bases and we owe $19
trillion. i used to say $18 and now it is $19 and only going up. yes, tom? [inaudible question] >> well no, look. senator rubio is a lightweight. he would not be able to this. he would not know a trade deal from any other deal. certain people are trying to, we went up in the last poll, two points and continue to go up. in the nbc poll we went from 26% to 29%. they don't know what to do about it. i've built a great company. you will see that in 60 minutes last night. it is a great company with very littleal debt and tremendous cash flow. i am funding my own campaign. guys like marco rubio desperately need money. ask the car dealer in florida. ask the people that support him. a guy like rubio and others.
i don't want to single him out but they are controlled by donors and special interest and the lobbyist by more than anyone else. i have turned down millions from lobbyist and special interest because it is not the right thing and that seems to be resonating very well. [applause]. thank you. >> i negotiate. i get bills from people. is that a bad thing? the country should do that. yeah, i would bring the same attitude to the white house. she said i have a habit. when you get a bill you call up and negotiate. to me that is a compliment. i bet we could say 20% of the
budget. that has to be the attitude our country has. you cannot spend millions and millions on doing something you can do for $2,000. when you look at cost. we just spent a million dollars building a soccer field. okay? a soccer field. for our prisoners who happen to be in guantanamo bay. i don't like that. what do you need a million for? level out the surface and let them play. why do you need to spend a million dollars? it was a story today. a million dollars on a soccer field. how do you spend a million doing a soccer field? you have a level piece of land. throw them a ball and let them play. why are they playing soccer is my question? okay. yes, sir, go ahead. [inaudible question]
>> no, it is too long. you don't have time. why don't you go ahead? [inaudible question] >> right. >> no, not at all. we are lowering taxes which the republicans love. and i think one of the reasons i am doing so well in the polls and one of the reasons i am doing so well when it comes to the economy in all polls is this is the thinking. we are lowering taxes, simplifying and getting rid of deductions that are obsolete that certain people want to keep for certain reasons. so no, that is not true. yes, sir, go ahead. [inaudible question] >> putin was interviewed and i was interviewed last night.
i thought charlie rose did a great job but i thought his was softer. scott pely interviewed me and i thought scott was terrific. it was a tough interview but i thought he was fair and the piece was very good. yeah, go ahead. >> why is he hotter? i would say because putin is nicer. [inaudible question] >> right. right. the worst in 36 years. you know you are talking about
10-11 years. it is called corporate inversion and they are moving out and getting out and getting jobs and now we are a big problem. we have companies that are large and precision and obviously you know you have major companies and they moved from new york and new jersey from texas or whatever. in england and other places to stay where they get treated differently and better. they are doing that for a number of reasons and one of the big reasons is taxes and the other is to get all of this cash they built up and they can't get back into our country. when this money comes back into our country that everybody wants it is going to be put to work in our country largely. it can go other places but
largely. and i think it will be an amazing boom. here is the other thing. they think it is $2.5 trillion. i think it is much more than that. i think it is going to be more money than that. and boy, if it is, we have hit pay day. >> go ahead real fast. [inaudible question] >> well, you know when you end the repatration and get the money coming back in tremendous things happen. sarah, go ahead. i will be announcing that in the not too distant future. i am the only one honest about this. i watched the politicians saying we pay taxes. i fight like hell always to pay the least because it is an
expense. i fight. i have the best lawyers, and accountants and i fight and i pay. but it is an expense and i would feel differently if the company spent the money wisely. our country sends the money so stupidly. i fight like hell to make the taxes i pay as low as possible but i would feel differently if i respected our leadership's decision. all you to do is look at the things your government is spending money on right now and you don't feel so good about our country. yes? well, i tell you what in terms of income inequality. we will create a lot of jobs.
we have a false 5.4, 5.3, every month is different. it is such a phony number because
when people look and look and give up looking for a job they are taking it off the role. so the number is not reflective. i have seen numbers of 24%. i saw a number of 42% unemployment. it could be because when you are looking for a job and you go around and you look and look and you fight and you want to work and you want to take care of your family and you cannot get the job, and you know what i am talking about because you are shaking your head, and you cannot get the job, essentially for statistically purposes you are considered employed. so every time it comes out i hear 5.3% unemployment. that is the biggest joke there is in this country. that number is so false.
people ask how come trump is
doing so well and carson and others. you know whey they are doing well? people are tired of political spoke and one of the worst examples is the phony unemployment rate. the unemployment rate is probably 20%. i will tell you you have great economist telling you 30-32% and the highest i heard is 42%. there is anger at the job picture out there. one other thing, with that being said, china, japan, mexico, braz brazil, these countries are all taking our jobs like we are a bunch of babies. that will stop. people will treat us fairly if i become president. we are loosing our jobs, we are loosing our base, we are loosing our manufacturing and all of
that will stop. yeah, go ahead. well, number one this is simpleification and what i am doing really is the big picture because corporations will have an incentive to create jobs and also to stay in this country. if a corporation gives out a bigger dividend he will have more to spend in the economy so that is good. yes, ma'am? should chris christie what? [inaudible question] >> i know nothing about that. [inaudible] >> go ahead. [inaudible question] >> no, i am not a populus.
i am a man of great common sense. i am man who built a tremendous company with the best locations in real estate and the best. you are at one of them. i have many of them. i have employed tens of thousands of people. i employ thousands and thousands of people. i would not say populus but i would say a man of common sense. cutting taxes, creating jobs and getting rid of waste and the waste i get rid of is going to have a huge impact and i am not even putting that in my numbers so i think it will be terrific. how about one more question. go ahead. yes, the motor industry. that is a beautiful way of describing it. where were you from? england. i love it. what a beautiful accent. no, i want to get the
industry -- we call it the automobile industry, but i want them to build factories here. ford is building a $2.5 billion plant in mexico. and mexico took a plant from tennessee as well. i want the automobile companies to build their plants in the united states. i don't want nabisco leaving for mexico or any place else. i want these companies not to leave chicago, not to leave michigan, not to leave new hampshire and iowa and south carolina and all of these places where they are leaving and they are going to other countries, i want them to stay here and they will stay here and they will be so happy. ladies and gentlemen, thank you very much. it has been a great honor. thank you. thank you. thank you. [applause]